The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday asked the government to take concrete steps to boost remittances which are lifeline of economy facing dwindling exports due to global recession and multiple growth challenges.
More than six million Pakistanis were working abroad sending over 19 billion dollars yearly which helped the government keep trade gap in limits as people here consumed more than what they produced, said Abdul Rauf Alam, the FPCCI president said.
He said remittances were growing by 15 per cent per annum since six years but latest figures indicated a fall which was enough to raise concerns about the stability of economy.
Rauf Alam asked the government to improve functions of departments dealing with export of manpower and those responsible for the welfare of expatriates as complaints were pouring in regarding apathy from different quarters.
The FPCCI president said that law enforcement agencies should be able to distinguish employment promoters from human smugglers and should not harass those who were responsible to get foreign exchange for the country and reduce unemployment.
The law enforcement agencies should not harass people before getting permission from the regulator and try to stop misuse of remittances by some elements, he said. Growth in remittances had always been remained more than growth in the exports despite best efforts of the government and private sector to boost the later, he observed.
He also demanded of the government to establish training institution as the country was failing to fulfill the demand of skilled labour at home and overseas otherwise the issue of economic stability will resurface soon.
The economic growth projected by the international institution will be significantly lower than the rate required for absorbing the youth seeking jobs which could be resolved through tax and structural reforms and investment.
